Guide
How much life insurance do you need?
A calculator and the thinking behind it: income duration, outstanding debts, schooling costs, and existing protection.
Add up what your income supports, subtract what already exists, and pick a round number. Precision is not needed; terms come in round amounts, and the goal is steady household income through critical years.
Coverage estimate
Estimate = (income × years) + debts + education − existing coverage, rounded to $5,000. This is only a starting point.
Why those inputs
Years of income. Ten to twenty years is the typical window; the right choice depends on when your dependents need support. Richmond families raising school-age kids often pick longer terms since mortgage, education and daycare costs overlap.
Outstanding debts. Mortgages are usually the biggest. Enough to cover it lets heirs keep the home if they want.
School costs. A ballpark per-child in present dollars. Including this now beats adding more insurance later.
Existing protection. Money saved and employer group policies. Employer coverage typically stops if you leave, so many families use only part of it.
With a target amount, the quote tool shows costs for 10 to 30 years from every carrier. Most people find slightly more affordable than expected and buy a bit extra.